NMDA Journal Winter 2019

How Should a Doctor Go About Selecting a Financial Advisor? Travis Flandermeyer, MBA, AIF®............. direct line (505) 717-1111............................................................................ Travis@CeteraNetworks.com Phil Messuri, MS, CFP®............................... direct line (505) 798-6941...................................................................... Messurip@CeteraNetworks.com 6100 Uptown Blvd NE, Ste 610B, Albuquerque, NM 87110................................................................................... www.nmfinancialsolutions.com DISCLOSURES: Individual Retirement Accounts (IRAs) Distributions from traditional IRA’s and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty. Tax and Legal Disclaimer For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks, LLC nor any of its representatives may give legal or tax advice. Securities and Investment Advisory Services offered through Cetera Advisor Networks, LLC - Member FINRA/SIPC. Cetera is under separate ownership from any other named entity. Philip J. Messuri, MS, CFP® and Travis Flandermeyer, MBA, AIF® are Registered Representatives of Cetera Advisor Networks, LLC. This is part of a series of articles on the business side of medicine from The Doctor’s Financial Resource. Dr. Robert Manzanares hosted an Albuquerque District Dental Associa- tion (ADDA) program in early November. We felt fortunate to be asked to be part of his program. Numerous speakers overviewed dental industry and practice management issues. The first question Dr. Man- zanares asked us was central to this article: “How should a person go about selecting a financial advisor?” The key words in this question are financial advisor. Can the individual or the firm act as a key member of a doctor’s business team with a broad knowledge of tax, investments, insurance, testamentary and business planning? Our team has the education and experience as advisors to help doctors during all phases of their practice. Financial advice differs considerably among doctors early in their careers, versus mid-career professionals versus near-retirement doctors. In the early career phase, student debt, saving for retirement and/or to purchase a practice and college saving requirements may have to be analyzed. The questions associated with owning a practice versus being an employee may need to be explored. Disability and life insur- ance may also need to be considered. In mid-career, retirement plan options need to be understood. Tax de- ferral may be essential, and retirement plans greatly differ in internal costs and allowable deferrals. Buy-sell agreements for unexpected events such as long-term disability or an unanticipated death may be very important. The later phases of a practice can include selling agreements, unwind- ing retirement and insurance plans. Decisions on working part-time versus fully retiring may need to be considered. By no means is the above short summary comprehensive. Our intent in this short article is to highlight a few of the usual practice issues. During all three phases, some elements are similar but still require regular attention. How much life and disability insurance should there be? Do you opt to work as a business owner or an employee? During the ADDA program, one participant asked how often should they meet with their business coach, their financial advisor? In our opinion, the response is like your practice: A minimum of once a year for a very thorough review (A full checkup–just as you would recom- mend to your patients); twice a year would be better even if it only involves a quick look (similar to having one’s teeth cleaned); and, call us in case an unanticipated event occurs (similar to a patient having a tooth ache or an oral injury). The central issue is for you to see our financial advisory services as a very important part of your professional life. We would be pleased to meet on a complimentary basis to expand on this article. For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.